Sanctuary Advisors LLC Has $6.04 Million Stock Position in Corning Incorporated (NYSE:GLW)

Sanctuary Advisors LLC grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 26.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 124,564 shares of the electronics maker's stock after acquiring an additional 25,829 shares during the period. Sanctuary Advisors LLC's holdings in Corning were worth $6,044,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. City Holding Co. raised its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning in the 3rd quarter worth about $40,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning during the third quarter worth about $45,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GLW. Oppenheimer reiterated an "outperform" rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Mizuho upgraded Corning from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.08.

Corning Trading Down 0.9 %

Shares of NYSE:GLW traded down $0.46 during trading on Friday, reaching $48.15. 4,023,823 shares of the stock were exchanged, compared to its average volume of 3,876,734. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The firm's 50-day moving average price is $47.57 and its 200 day moving average price is $43.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $41.23 billion, a price-to-earnings ratio of 283.24, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were paid a $0.28 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning's dividend payout ratio (DPR) is presently 658.82%.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.